According to the Associated Press, Wall Street pointed higher early this morning as markets try to claw back some of the losses in what will most likely be the second straight month of declines and the worst month of 2023.
Futures for the Dow Jones industrials and the S&P 500 rose about 0.5% before the opening bell. Entering the last day of September trading, the S&P is down 4.6% for the month, while the Dow has seen a 3% decline. That follows August’s declines of 2.4% for the Dow and 1.8% for the S&P 500.
Most of the market’s recent anxiety has been centered on the Federal Reserve that has signaled interest rates will likely remain elevated for longer than most economists expected as the fight against inflation proves difficult.
Other drags on the market have been recent earnings reports, especially in the retail sector, where sales have slowed and are forecast to remain sluggish.
Crude oil prices are hovering near their highest levels this year, adding to the inflationary pressures that are a factor behind the Federal Reserve’s intention to keep interest rates high. The likelihood of a U.S. federal government shutdown is also clouding the outlook for the U.S. economy.
Nike shares jumped nearly 10% in premarket after the shoe and athletic apparel maker easily beat Wall Street’s first-quarter profit forecasts. Blue Apron shares more than doubled after the meal kit company said it was being bought by Wonder Group for $103 million.
U.S. benchmark crude today gained $1.24 to $92.95 per barrel. Brent crude, the international standard, climbed 93 cents to $94.03 per barrel.
In currency dealings, the dollar fell to 149.19 Japanese yen from 149.31 yen late Thursday.
